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Economy 8 hours ago (Dec 13, 2020 06: 20 AM ET)
© Reuters. People wear protective face masks as they patronize a market in the middle of Israel’s second-wave coronavirus illness (COVID-19) lockdown, in Jerusalem
By Steven Scheer
JERUSALEM (Reuters) – The Bank of Israel stated on Sunday it would start using repo deals with monitored non-bank credit providers to increase the supply of credit to really little organizations struggling to borrow due to the COVID-19 crisis.
” In view of the crisis, reducing the cost of the financing source for non-bank credit companies will produce an incentive for them and contribute to the pass-through from the general interest rate in the economy to the interest paid by little and micro businesses for the credit provided to them,” the central bank said.
Throughout the coronavirus pandemic the main bank has actually attempted to assist little businesses by way of very low interest rate loans to banks, while enabling loan payment deferments.
The transactions will be for 6 months, with the possibility of an additional 6-month duration under the very same terms, the bank reserve bank said.
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